Dishman Carbogen Amcis Ltd(DCAL)

NSE: DCALBSE: 540701

₹ 136.15-2.78%refreshed 23 Oct, 03:30 pm ISTMarket cap: ₹ 2,135 crWebsite: www.dishmangroup.comUpdated: 24 Oct 2026

About

Dishman Carbogen Amcis Ltd (DCAL) is an India-listed contract development and manufacturing organisation (CDMO). It works mainly through its Swiss subsidiary Carbogen Amcis and through sites in India, and also makes specialty chemicals such as cholesterol and Vitamin D analogues. It reported FY26 consolidated revenue of Rs 2,931.9 crores, with CDMO making up 83% of revenue in FY26. It runs 23 multi-purpose manufacturing facilities and 32 R&D and HiPo laboratories across six countries, and serves more than 250 global clients.^[1][2]

Business segments

CDMO made up 83% of total revenue in FY26, and Marketable Molecules made up the rest.^[2]
CDMO segment revenue was Rs 2,441.25 Cr in FY26, compared with Rs 2,292.90 Cr in FY25.^[2]
Marketable Molecules segment revenue was Rs 490.65 Cr in FY26, compared with Rs 418.60 Cr in FY25.^[2]
CDMO covers contract development and manufacturing of APIs and intermediates for innovator pharma companies, mainly through Carbogen Amcis and the Bavla site in India. ADC programmes contributed about 25% of CDMO revenue in FY26.^[3][2]
Marketable Molecules covers cholesterol and Vitamin D analogues. Its segment EBITDA margin was 18.8% in FY26, compared with 9.4% in FY25.^[3]
The long-term target business mix is 85% CDMO and 15% Marketable Molecules over a 2-3 year horizon.^[3]

Products and market position

The company describes itself as a leading producer of Vitamin D analogues. It extracts high-purity cholesterol from sheep wool and uses it as a vegan source for these analogues.^[2]
The Naroda site has a portfolio of about 20 key commercial products, including Bisacodyl and Cetrimide (FY26 annual report).^[2]
The company plans to expand its contrast media portfolio and to discontinue low-margin generic products (FY26 annual report).^[2]
The company says its HiPo facility in Bavla, India is one of the largest in Asia.^[2]

Manufacturing footprint and capacity

The company runs 10 manufacturing facilities: four in Switzerland, two in India, and one each in the UK, the Netherlands, France and China (FY26).^[2]
Installed capacity in FY26 includes 100 MT of API production capacity and a Bavla Vitamin D unit that can make 1,000 MT a year. Carbogen Amcis has large-scale capacity of up to 8,000 liters for non-GMP intermediates.^[2]
Swiss subsidiary CARBOGEN AMCIS AG reported revenue of Rs 2,216.25 crores in FY26. CARBOGEN AMCIS BV (Netherlands) reported revenue of Rs 398.48 crores.^[2]
The French site, CARBOGEN AMCIS SAS (Riom), reported revenue of Rs 92.32 crores and an operating loss of Rs 126.26 crores in FY26.^[2]
The company had 934 employees in India as of 31 March 2026.^[2]

Site utilisation and regulatory status

Utilisation as of Q3 FY26 was about 75% at the Swiss sites, about 75% at Manchester, about 60% in the Netherlands and about 50% in Shanghai.^[4]
The Bavla site ran at 20-25% utilisation as of Q3 FY26, with 9MFY26 revenue of about INR 150 crores. Bavla was affected by two large customers not placing purchase orders in FY26.^[4][2]
The French injectable fill-finish facility ran at about 20% utilisation as of Q3 FY26. It has received ANSM GMP approval.^[4]
The Naroda facility received regulatory clearance from a US FDA inspection in August 2025.^[2]
The Veenendaal site received a GMP compliance certificate from the Dutch IGJ in February 2026. In FY26, the Swiss sites cleared Swissmedic inspections and Shanghai cleared an NMPA inspection.^[2]

Development pipeline

The active development portfolio was 700-800 programmes as of Q1 FY27.^[5]
There were 13 late Phase III molecules as of Q1 FY27, up from 12 in Q2 FY26.^[5]
There were 29 commercialised molecules as of FY26, and a new product development pipeline of CHF 102 million.^[2]
ADC revenue (linker, payload and hyper molecule combined) was about INR 150 crores in Q1 FY27.^[5]
CDMO segment EBITDA margin was 6.3% in Q1 FY27, down from 17.9% in Q1 FY26. It was hit by about CHF 10 mn of deliverables that customers rescheduled.^[5]

Customers and distribution

The company served more than 250 global clients in FY26. Exports make up about 90% of sales, and it has sales offices in 5 countries, including the USA, Japan and Singapore.^[2]
Revenue from the main Japanese ADC customer rose from CHF 22 mn in FY25 to about CHF 30 mn in FY26.^[4]
The company is developing an ADC molecule for a large German innovator (FY26 annual report).^[2]
A large Swiss MNC molecule with CHF 20-25 mn of annual revenue is being transferred from Switzerland to Bavla. The customer has approved the transfer and agreed pricing.^[3]
The sales organisation was unified on September 1, 2025. Angela Ameriks was appointed Global CCO in Q1 FY27.^[6][5]

ADC platform and expansion

The end-to-end ADC offering covers monoclonal antibodies supplied through the Celonic AG partnership, linker-payload synthesis, conjugation, and fill-finish at the French facility.^[4][2]
A second co-investment with the Japanese ADC customer (CHF 25 mn, fully funded by the customer) is expanding capacity at the Swiss sites, with operations expected in calendar 2027.^[5][2]
As of Q1 FY27, one Switzerland-to-Bavla tech transfer had been signed and started, a second had been approved by a Swiss MNC, and three more were in advanced discussion.^[5]
Capacity is largely built. Planned capex beyond maintenance is the Bavla refurbishment and the second ADC co-investment (FY26 annual report).^[2]
Consolidated capex was CHF 22.4 mn in FY26 and CHF 4.9 mn in Q1 FY27.^[3]

Financing and ratings

Net debt excluding leases was CHF 153.6 mn as of Q1 FY27, compared with CHF 146.8 mn in March 2026.^[5]
A promoter-group loan of up to CHF 200 mn at 4%, with a two-year interest moratorium, was approved to repay India debt costing 10.5-11%.^[5][2]
The company allotted Rs 50 crore of NCDs in January 2026 for corporate purposes and capex. An EGM was called to raise its borrowing limit.^[2]
On 7 October 2026, the board approved issuing up to Rs 38 crores of senior secured listed NCDs. It also replaced the land mortgage on the Rs 15 crore Tranche II NCDs with a 100% cash margin.^[7]
The credit rating stood at IND A/Negative and IND A1/Negative as of the FY26 annual report.^[2]

Company guidance

For FY27, the company guided single-digit consolidated revenue growth and India standalone revenue growth of at least 30-35%.^[5]
The company expects consolidated revenue growth above 10% a year in FY28-FY29, with EBITDA margin returning toward 25-26%.^[5]
The company aims to bring Bavla revenue back to pre-EDQM levels within 24 months, and expects the French site to ramp up over 18 months (FY26 annual report).^[2]

Market Cap

₹2,135 Cr

High / Low

₹306 / 129

Stock P/E

137.4

Price / Book

0.3

Book Value

₹426

EPS

₹6.2

No. of Shares

15.68 Cr

ROCE

3.2%

ROE

1.6%

OPM

9.5%

Debt / Equity

0.42

Sales

₹2,932 Cr

Net Profit

₹97 Cr

Promoter holding

59.3%

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Dishman Carbogen Amcis Ltd(DCAL)

About

Business segments

Products and market position

Manufacturing footprint and capacity

Site utilisation and regulatory status

Development pipeline

Customers and distribution

ADC platform and expansion

Financing and ratings

Company guidance

Signal history

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